Alfred Chia CEO of SingCapital contributed his views on inflation and disposable income

Date in Lion City | Ten Interview: Inflation and Disposable Income

release: 21/06/2023

According to a survey, 70% of consumers worry that inflation will affect future spending. If you feel that your spending power has become weaker, what should you pay attention to when planning your finances? How will the Fed's suspension of interest rate hikes affect the public?

The KR cut-ins are predicted to have a sales increase of 4% in the upcoming year. Lin Shou-ru, the former professor of the Department of Education, and Alfred Chia, CEO of SingCapital, discussed the worries of the 7-year-old consumers regarding the shopping mall and its impact on their finances. It was found that the primary concerns were the increase in cost of living, such as the financial aid, housing, rent, and transportation costs, as well as a decrease in their purchasing power and living quality. Alfred Chia also discussed the observed decrease in personal income, as well as the uncertainties in the global economic aspect and the commercial environment which will lead to businesses being more cautious in the direction of the people's trust.

Recent economic turmoil has had a negative impact on many individuals and businesses. This includes those who have not seen a growth in salary, people with a house and mortgage, and those renting a house. Personal income growth has been somewhat restored, but the same-term personal savings rate has increased to 37.6%.

Additionally, the rate of return on fixed income products such as government support funds and savings points has increased. To better manage finances, it is recommended to spend no more than 40% of the income on loans, 30% on monthly expenses, and 20% on savings.

It is recommended to use the 4.3.2-dollar budget to make more effective personal financial plans, such as securing a housing loan or planning for retirement.

Additionally, 10% of the budget should be allocated to purchasing insurance, in order to guarantee financial stability in the event of any irregularities.

Aired on 20/06/2023

Source: 8world.com